By Rick Reeno

WBC middleweight champion Miguel Cotto (39-4, 32KOs) is aiming to making a decision regarding his first fight of 2015 by early January, according to the boxer's legal adviser Gaby Penagaricano.

Cotto has been out of the ring since his sensational stoppage of Sergio Martinez to capture his fourth divisional title at New York's Madison Square Garden in June.

"Very soon [we'll need to make a decision]. Regardless of whether it's March, April or May - for Miguel's' next fight - we have to be there by very early January, very early," Penagaricano told BoxingScene.com. 

There are ongoing negotiations to make a fight, for May 2nd, between Cotto and Saul "Canelo" Alvarez (41-1-1, 31KOs).

Both sides have been negotiating for weeks and continue to iron out the fine points. Penagaricano does make it clear that Cotto is not feeling a sense of pressure to get a deal done. If they are unable to reach an agreement in the near future, Penagaricano says his fighter has no shortage of options at 154 and 160.

"We've been back and forth with proposals. They made a proposal very recently and we're responding to it. There is no deal yet, we're working on it," Penagaricano said. 

"It's a great fight. If it can happen, beautiful,. And we are certainly discussing it. But if it doesn't happen, Miguel is okay. He doesn't need the fight. If it happens great, but he doesn't need the fight. We will move on to something else if we cannot make a deal."